Diversity in Entrepreneurship

Imagine you are a consultant providing advice to small business owners. There are two different customers, a woman and a veteran, who come to you for advice.

Read the two scenarios provided below. For each of the scenarios, summarize the information you must provide to help your customer:

* Imagine you are a consultant providing advice to a woman who wants to start a Web-based business. Help your client identify legal, financial, and other resources she can use for starting up her business. Also, help her analyze the advantages and disadvantages of starting a Web-based business as a woman.

* Imagine you are a consultant providing advice to a veteran who wants to start a home-based business. Help your client identify legal, financial, and other resources available for starting up the business. Also, help the client analyze the advantages and disadvantages of starting a home-based business as a veteran.

Solution Preview

Hello, here are some suggestions to help you develop a solid answer to this question:

A) A woman starting a Web-based business.
1. Legal resources: There are a number of online resources for people interested in starting web-based companies. She should visit http://www.yourlegalcorner.com/articles.asp?cat=comp&id=130. Be sure to point out to the customer that she needs to consider selecting the correct legal entity so that she can get the best tax rate.
2. Financial resources: Strong financial management is key to any business. There are a number of ways to diversify revenue streams with an online business, including ad sales, Google ad words and ad sense, pay-per-click programs, and online merchandising. The client should look into all these areas. Read more about these areas here: http://fusionbrand.blogs.com/fusionbrand/2004/08/secrets_of_onli.html. Also inform the client that she will need to find a reliable and honest financial manager or accountant not only for day-to-day operations but for an independent audit and for filing taxes.
3. Resources for women business owners: Womanbusinessowners.org is a non-profit that ...

Solution Summary

Discusses entrepreneurial issues for two clients: a woman and a veteran.